Snap Finance will automatically cancel 135,643,677 dollars in debts related to 62,753 accounts in Florida, as part of an agreement with the attorneys general of 17 states in the United States.
Benefited consumers will also be able to keep the items purchased through the contracts included in the measure without making any additional payments.
Snap Finance is a financial services company that provides rent-to-own contracts through affiliated merchants.
This system allows the customer to take a product and pay for it through lease installments until they acquire ownership.
The settlement, announced on October 21, 2026, was led by Iowa Attorney General Brenna Bird, with involvement from Florida and 15 other states.
Across the country, there is a plan to cancel $662,102,518 in debts for 303,223 consumers.
What contracts are included with Snap Finance?
According to Section X of the agreement, three conditions must be met to receive the forgiveness:
- Having signed a lease-to-own agreement with Snap Finance between 2017 and 2022 in one of the participating states.
- That the account remained under Snap's control in November 2025.
- That the company would have classified the debt as charged off, meaning it has been written off in accounting terms.
Not all Snap Finance customers qualify. Signing a contract during that period does not guarantee the benefit if the account does not also meet the other requirements.
What happens with the debts and the purchased items?
The outstanding balances on eligible accounts will be cleared, and Snap will waive ownership of the leased goods. This way, affected consumers will be able to keep items such as furniture or appliances without continuing to make payments for them.
The forgiveness is automatic and does not require a request to be submitted.
The agreement also does not set a deadline for consumers to enroll in order to receive this benefit.
How to check if an account is included?
Those who have questions about their contract can contact Snap Finance directly through their customer portal or call 1-877-557-3769 to request information about their account and the application of the agreement.
Why was the agreement reached?
The prosecutors investigated alleged deceptive practices related to lease-to-own contracts.
According to the authorities, some consumers believed they would pay for their products in 100 days or less, but they ended up being bound by longer and more expensive contracts.
Difficulties in canceling contracts and returning items were also investigated, as well as claims that payments would improve customers' credit histories.
As part of the agreement, Snap will need to provide clearer information about the total cost of its contracts, allow consumers to review the terms before signing, and simplify cancellation and return procedures.
You must also fulfill the obligations of repair or replacement of items that correspond.
The company cooperated with the investigation and accepted these measures without admitting liability or acknowledging legal violations.
Snap Finance has no relation to SNAP, the U.S. federal food assistance program.
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